TotalEnergies sells 40% stake in Angolan block to Petronas

French energy giant TotalEnergies has finalised the sale of a 40% interest in Block 20 in the Kwanza basin in Angola to Malaysian state-owned energy company Petronas for $400mn, the company announced on September 28, 2023.

TotalEnergies retains the operatorship and a 40% interest in Block 20, alongside Petronas (40%) and Sonangol Pesquisa e Producao (20%).

Block 20 contains the Cameia and Golfinho oil discoveries, located around 150 km southwest of Luanda. These discoveries are planned to be developed through a system of subsea wells connected to a FPSO with an oil production capacity of 70,000 barrels/day, which will be the seventh FPSO developed by TotalEnergies in Angola.

“With Sonangol and Petronas, we have established a solid partnership that will collectively enable us to take the final investment decision for the development of the Cameia and Golfinho fields, with the support of the Angolan authorities,” said Nicolas Terraz, president, exploration & production at TotalEnergies.

The project will include technologies to minimize greenhouse gas emissions and the facilities will be designed for zero flaring, with the associated gas entirely reinjected into the reservoirs.